Tag Archive for: cypress financial center

Fort Lauderdale Office Building Nearly Fully Leased

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A renovated 1980s-era Fort Lauderdale building is almost entirely occupied following the closure of five recent lease deals.

Cypress Financial Center at 5900 N. Andrews Ave. is now 92% leased, according to a release from the brokerage Cushman & Wakefield. Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the landlord, Tampa-based Vision Properties, in the negotiations.

  • Signature Consultants, an IT consulting firm, will be moving from its current office at 200 West Cypress Creek Road into a 7,038-square-foot space in the Cypress Financial Center in March 2023. Peter Reed of Commercial Florida Realty Services represented Signature Consultants in the lease negotiations.
  • Alpine, a division of Illinois Tool Works, will be relocating from another building in Broward County into a 6,065-square-foot space within Cypress in April 2023. A designer and manufacturer of roof, floor, and wall components, Alpine was also represented by Cushman & Wakefield.

The other three lease deals are with existing building tenants.

  • Prime Education, a research and education company, signed a new lease for the 5,817-square-feet of space it now occupies. The company had previously subleased the space from another tenant but the new lease is through landlord Vision Properties. Prime Education was represented by Mitchell Millowitz of Newmark.
  • Perfume manufacturer and distributor Parlux negotiated directly with Herring and Ridgway to renew the lease of its 2,062-square-foot office.
  • Scott Friedman, vice president of project management for The Morgan Companies, a full service commercial real estate firm, negotiated on behalf of his company to renew its 1,394-square-foot office lease.

South Florida office rents have been trending upward since the height of the pandemic as new-to-market and local companies seek out quality office space. In the third quarter of 2023, Broward County, office rents for Class A and Class B buildings averaged $37.84 a square foot, an increase of 2.9% from last year, a recent from Cushman & Wakefield stated. Within the Cypress Creek/Commercial Corridor rents averaged $34.09 a square foot.

Built in 1988, the 11-story Cypress Financial Center was purchased by a subsidiary of Vision Properties for $44.2 million in January 2021 after a previous deal to acquire the building by another real estate company fell through. The building has since been renovated and includes a cafe, a parking garage, on-site security, and “exclusive on-ramp access to Interstate 95 Southbound,” Cushman & Wakefield stated.

The limited office space available in the Cypress Financial Center is advertised at $24 a square foot on LoopNet.com. That rental rate does not include utilities, property expenses or building services.

 

Source:  SFBJ

REIT Planning To Buy Fort Lauderdale Office Tower For $45.5 Million

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Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.

The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.

The acquisition is expected to be completed in the second quarter, according to a press release.

The property last sold for $32.5 million in 2014, records show.

Rents at the property are currently 14.5 percent below market, according to the release.

Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.

JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.

Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.

 

Source:  The Real Deal

Cushman & Wakefield Arranges 77,000 SF HQ Lease

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Cushman & Wakefield has negotiated a new, 77,000-square-foot lease with Hayes Medical Staffing, a national staffing and recruiting agency for healthcare employers, at Cypress Financial Center in Fort Lauderdale. The Class A space at 5900 N. Andrews Ave. will serve as the company’s corporate headquarters.

Cushman & Wakefield Executive Director Travis Herring and Director Katherine Ridgway represented the landlord, Miami-based Steelbridge, in the lease negotiations. Mitchell Millowitz with Newmark Knight Frank represented the tenant.

Hayes Medical Staffing has approximately 185 employees and recently announced it will add 250 new jobs to the area. The company will take occupancy of its new space in Q4 2019, joining such notable tenants as TD Bank, City National Bank and Altadis.

Cypress Financial Center is the only Class A office building in South Florida that sits adjacent to the region’s primary artery, Interstate 95. Hayes Medical Staffing will gain unparalleled visibility from the highway with top-of-building signage.

Further, an exclusive I-95 on-ramp adds convenience and accessibility throughout the tri-county area. The location also provides convenience to Cypress Creek Tri-Rail station. Other amenities include an attached parking garage, onsite security and property management, a café that serves breakfast and lunch, and weekly car wash service.

Additionally, the property recently completed an extensive capital improvement program, which included elegant renovations to the lobby, common areas, elevators and restrooms, as well as new landscaping, new monument and directional signage throughout the property and new exterior lighting.

“Between the unparalleled accessibility along I-95, nearby amenities and the recent renovations made by Steelbridge, Cypress Financial Center is one of the premier office locations for major corporations and employers in South Florida,” said Herring. “This is evidenced in the property’s continued ability to attract top-tier tenants such as Hayes Medical Staffing.”

JLL Closes Leases With Two Tenants Totaling 22,000 SF

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JLL announced the closing of a lease renewal with long-time tenant TD Bank and a new lease with Allied Integrated Marketing totaling 22,000 square feet of office space at Cypress Financial Center, a 198,528-square-foot class A office building in Fort Lauderdale.

The property, located at 5900 N. Andrews Ave., is owned by Steelbridge Capital, a privately held, value-focused real estate investment company based in Miami and Chicago.

Sandra Andersen, Senior Vice President at JLL, represented Steelbridge Capital in both transactions.

Existing tenant TD Bank renewed its 16,675-square-foot lease and was represented by CBRE Senior Vice President Mathew J. Saker, CBRE Vice President John Jaspert and CBRE Transaction Manager Caroline C. Barone.

Allied Integrated Marketing signed a new lease consisting of 5,325 square feet and will occupy the eighth floor of the building. Allied Integrated Marketing is a full-service agency with 22 offices working with the world’s largest entertainment, culture and lifestyle brands. The tenant was represented by Bob Orban, Senior Vice President, and Tyler Wyant, Associate, at Savills Studley.

“Cypress Financial Center is situated at the geographic center of South Florida, making it the most accessible location to the region’s six million residents, an attractive factor for companies seeking office space,” said JLL’s Sandra Andersen. “The property underwent extensive renovations last year, which has contributed to attracting and retaining top-quality tenants who are seeking an office location with high-end finishes and downtown prestige in a convenient uptown location.”

Cypress Financial Center is the only office complex in South Florida with a direct on-ramp to I-95. Recently completed renovations include upgrades to the lobby and select common areas, complete tower and garage elevator modernization, exterior painting and sealing, replacement of monument and directional signage, new landscaping and exterior lighting.

 

JLL Tapped To Lease 200,000 SF Cypress Financial Center

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Steelbridge Capital has selected JLL  to exclusively lease and market their newly acquired asset, Cypress Financial Center, a 198,528-square-foot office building located in Fort Lauderdale.

JLL’s Sandra Andersen, Senior Vice President, and Associate, Chase Kulp, will lead an aggressive leasing effort at the uniquely positioned office building located at 5900 N Andrews Ave.  With excellent highway signage visibility from Interstate 95, Cypress Financial Center is the only building in South Florida with direct ramp access to the highway.

Steelbridge Capital, a privately held, real estate investment company based in Miami and Chicago, acquired the office building in mid-September with the sole objective of re-establishing Cypress Financial Center as the premier office building in the Cypress Creek corridor.

The ownership has outlined a rapid capital improvement program that will focus on significantly upgrading the lobby and common areas, modernizing the elevators and other mechanical enhancements, as well as a complete renovation of the exterior and landscaping features, all designed to return it to its status as one of the pre-eminent office buildings in Broward County.

“We’ve established a great relationship with Steelbridge Capital over the years, and firmly believe we can duplicate the prior leasing success JLL had with this asset,” said JLL Senior Vice President Sandra Andersen. “Our leasing strategy will focus on reintroducing the asset to the market by emphasizing the new ownership and the significant capital investment they are making to restore the building as the marquee property in Cypress Creek and the ideal alternative to Downtown Fort Lauderdale.”

Major tenants at the office tower include global insurance provider MetLife, BDO, TD Bank and commercial real estate brokerage firm Marcus & Millichap.